The global turmoil of 2022 posed a severe test for Banque Misr and its more than 10 million customers. The one-two punch of Russia’s invasion of Ukraine and the foreign-currency crunch caused by surging inflation sent Egypt to the IMF.
Banque Misr’s chief executive, Mohamed El-Etreby, and his management team have taken the hits in their stride. The Islamic banking portfolio grew by 31% in 2022 year on year. Its Shariah-compliant business in micro, small and medium-sized enterprises, corporate credit and syndicated loans all grew as well.
Banque Misr’s Islamic retail banking portfolio increased by around 13.5% in 2022 year on year. The bank has grown its credit-card franchise, as well as its wide range of Murabaha products. These include financing for car purchases, durable goods, educational tuition and tourism, including Hajj and Umrah pilgrimage trips.